Which of the following statements is true regarding the Centre for Processing Accelerated Corporate Exit (C-PAC

The Ministry of Corporate Affairs (MCA) has moved a step forward by centralising the strike off process of companies with the establishment of the Centre for Processing Accelerated Corporate Exit (C-PACE). The establishment of the C-PACE will help to reduce the stress on the Registry along with keeping the registry clean besides availability of more meaningful data to the stakeholders. The C-PACE will also help stakeholders by facilitating the prompt and process-bound removal of their companies’ names from the Register. The establishment of the C-PACE is one of numerous recent initiatives made by MCA to improve the ease of doing business and the ease of departure for companies. C-PACE was formed by MCA and would be located in the Indian Institute of Corporate Affairs (IICA). Following that, on April 17, 2023, the Ministry modified the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2023, which took effect on May 1, 2023.